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Virgin Atlantic jet collides with BA plane on the ground, no causalities
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Fairfax sales RiverStone Europe to CVC Capital
“RiverStone Europe is an industry leader in run-off insurance services, and CVC’s scale and vision will give RiverStone Europe, under the continued leadership of Luke and his management team, the opportunity to further grow the business. Nick and Luke are also fully supportive of this transaction, based on their strong beliefs that it was the best way for RiverStone Europe to continue to grow and pursue run-off transactions. We wish Luke and all of the employees at RiverStone Europe much success in the future. Fairfax remains committed to continuing to grow its other European businesses, including its Lloyd’s of London activities,” said Watsa.
Cyclone Burevi slams into eastern Sri Lanka
The cyclone is likely to damage coastal buildings and power lines and unleash flash floods, the island’s disaster management center said, advising those living near its path to stay indoors.Those evacuated, from the Trincomalee district expected to be hit the hardest, have been moved into 237 relief centers until the cyclone passes, disaster officials said.
Factbox: When and which COVID-19 vaccines are likely to be available in Asia
Japan has deals to purchase 120 million doses from Pfizer/BioNTech in the first half of next year, 120 million from AstraZeneca, of which first 30 million will be shipped by March 2021, and 250 million from Novavax.
It is also in talks with Johnson & Johnson and has a deal with Shionogi & Co.
Munich Re aims for a profit of €2.8bn in 2021
“We expect to generate a profit of clearly above 1bn € this year. The pandemic has naturally had a considerable impact on our result. But the burdens arising from COVID-19 are financially manageable for Our business is clearly on track. Thanks to our strong balance sheet, we are in a very good position to exploit current market opportunities. In the coming year, we plan – despite anticipated further COVID‑19 losses – to meet the profit target of €2.8bn as envisaged prior to the pandemic,”said Christoph Jurecka,,CFO, Munich Re ,
Hyundai, Kia Motors agree to $210 million auto safety civil penalty in US
Kia agreed to create a new U.S. safety office headed by a chief safety officer and each automaker will retain an independent, third-party auditor who will directly report to NHTSA and will conduct a comprehensive review of the company’s safety practices. Hyundai’s consent order will last three years, while Kia’s is for two years, but both can be extended by one year.
Mirae Asset wins U.S. lawsuit against China’s Anbang on scrapped $5.8 bln hotel deal
The case in Delaware, where many companies are registered, could set a precedent for deals that have seen valuations drop since the COVID-19 pandemic, as buyers no longer want to buy assets under the terms of agreements reached before.
A consortium led by Mirae agreed last year to buy the hotels from Anbang, which had been selling some of its overseas assets after the Chinese government took control of the troubled insurer in 2018.
U.S. insurers dig into corporate diversity practices as lawsuits pile up
Insurers are meeting company officials to examine diversity practices before renewing or signing new so-called D&O policies to cover lawsuits against directors and officers, insurers and brokers said.
Before pricing coverage, insurers want details about top-level succession planning and how companies recruit, they said.
Shell faces Dutch court as climate change activists demand end to emissions
Environmental activists are demanding that Shell cuts its greenhouse gas emissions almost in half by 2030 and to zero by 2050 – which would effectively force the Anglo-Dutch firm to quickly move away from oil and gas and direct its investment to sustainable sources of energy
Fitch maintains a stable rating outlook for Chinese non-life insurance sector
“We expect the non-motor business to continue to report faster growth dynamics than the motor insurance class. Implementation of comprehensive motor insurance reform is likely to impair smaller insurers’ ability to boost profitability, while scale advantage will enable the large peers to sustain profitable underwriting results,” said Fitch in a rating note.
Deforestation in Brazil’s Amazon skyrockets to 12-year high under Bolsonaro
While environmentalists blamed the government for the rise, federal officials hailed the figures as a sign of progress in fighting deforestation, as the increase was far lower than the 34% increase recorded in 2019.